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Share Name | Share Symbol | Market | Type | Share ISIN | Share Description |
---|---|---|---|---|---|
Echo Energy Plc | LSE:ECHO | London | Ordinary Share | GB00BF0YPG76 | ORD 0.0001P |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
0.00 | 0.00% | 0.0041 | 0.004 | 0.0042 | 0.0041 | 0.0041 | 0.0041 | 6,098,311 | 08:00:00 |
Industry Sector | Turnover | Profit | EPS - Basic | PE Ratio | Market Cap |
---|---|---|---|---|---|
Drilling Oil And Gas Wells | 14.11M | -9.59M | -0.0017 | 0.00 | 0 |
TIDMECHO
RNS Number : 9708K
Echo Energy PLC
03 September 2019
3 September 2019
Echo Energy
("Echo" or the "Company")
Tapi Aike Update
Echo Energy, the Latin American-focused upstream oil and gas company, announces an update on its upcoming Tapi Aike drilling programme.
Echo Energy and Compan i a General de Combustibles S.A. ("CGC" or the "Operator") continue to progress the processing of the 3D seismic survey acquired across the Tapi Aike block in 2019. In the eastern portion of 3D survey area, the Chiripa Oeste, five areas have now been selected for surface location permits and an environmental impact assessment ("EIA") covering these locations has been submitted to the provincial authorities.
Following completion of the currently ongoing seismic analysis, one of these five locations will be selected to drill the La Vanguardia x-1 well, the first well of a proposed four well Tapi Aike exploration drilling programme. It is currently anticipated that the La Vanguardia x-1 will be drilled to an approximate depth of 3,000 metres using the Petreven H-205 rig. Subsurface interpretation continues and the La Vanguardia x-1 well location and well design will be finalised once this analysis has been completed. The well currently remains on course to be spud in Q4 2019.
In the western cube, the Travesia de Arriba, processing of the 3D seismic data continues. Based on preliminary data, five broad areas have been selected in which to initiate environmental studies and commence surface permitting.
Martin Hull, Echo Energy's Chief Executive, commented:
"I am pleased to report that we continue to make good progress as we prepare for the start of the Tapi Aike drilling campaign. The La Vanguardia x-1 well will be the first of a proposed four well drilling programme on the Tapi Aike asset, which has the potential to deliver material value for the Company and its shareholders. We look forward to providing further updates as we continue to refine the subsurface analysis of the basin and progress with drilling preparations."
For further information, please contact:
Echo Energy m.hull@echoenergyplc.com Martin Hull, Chief Executive Officer Cenkos Securities (Nominated Adviser) David Jones Ben Jeynes +44 (0) 20 7397 8900 Hannam & Partners (Joint Corporate Broker) Giles Fitzpatrick Andrew Chubb Ernest Bell +44 (0)20 7907 8500 Shore Capital (Joint Corporate Broker) Jerry Keen +44 (0)20 7408 4090 Vigo Communications (PR Advisor) Patrick d'Ancona Chris McMahon +44 (0)20 7390 0230
Note
The assignment of Echo's participation in the Tapi Aike licences is subject to the authorisation of the Executive Branch of Santa Cruz's Province, which is part of the overall process of title transfer that is proceeding as anticipated. The licence is operated by Compan i a General de Combustibles S.A. ("CGC").
This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.
END
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September 03, 2019 02:00 ET (06:00 GMT)
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